AUDIT OBSERVATION REPORT

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Internal auditors typically issue reports at the end of each audit that summarize their findings, recommendations, and any responses or action plans from management. An audit report may have an executive summary—a body that includes the specific issues or findings identified and related recommendations or action plans, and appendix information such as detailed graphs and charts or process information. Each audit finding within the body of the report may contain five elements, sometimes called the “5 C’s”:

  1. Condition: What is the particular problem identified?
  2. Criteria: What is the standard that was not met? The standard may be a company policy or other benchmark.
  3. Cause: Why did the problem occur?
  4. Consequence: What is the risk/negative outcome (or opportunity foregone) because of the finding?
  5. Corrective action: What should management do about the finding? What have they agreed to do and by when?

The recommendations in an internal audit report are designed to help the organization achieve effective and efficient governance, risk and control processes associated with operations objectives, financial and management reporting objectives; and legal/regulatory compliance objectives.

Audit findings and recommendations may also relate to particular assertions about transactions, such as whether the transactions audited were valid or authorized, completely processed, accurately valued, processed in the correct time period, and properly disclosed in financial or operational reporting, among other elements.

Under the IIA standards, a critical component of the audit process is the preparation of a balanced report that provides executives and the board with the opportunity to evaluate and weigh the issues being reported in the proper context and perspective. In providing perspective, analysis and workable recommendations for business improvements in critical areas, auditors help the organization meet its objectives.

ISO Standard
ISO 9001:2015
Category
Management Responsibility
Clause
6.1
Document Type
MS Word

FAQ

Any company, irrespective of the size can go for ISO Certification. You can go for ISO certification even if your organization is run by just 1 staff.

As business becomes ever more competitive, ISO Certification can be a cost – effective means to demonstrate to customers that quality assurance is of paramount importance to your organisation. A recent study of various organisations with ISO Certification revealed an increase in turnover, sales, customer satisfaction and savings.

Because we keep the entire process hassle-free, ISO 9001 Certification can take just 7 – 30 days to complete based on your company’s size. In fact, our ‘Keep it simple’ approach means we can:

  • Reduce the time taken to acquire ISO Certification.
  • Cut the cost of Certification.
  • We provide you with an ISO implementation kit which makes the process simpler.
  • We provide 24/7 access to our backend support team who can assist you remotely.
  • Reduce the cost of maintaining Certification.

The cost mainly depends upon number of employees in your organization, your products and services. The cost also depends upon accreditation body and certification body. Our services are not only competitive but also come to you with highest standards of professionalism.

The certificate that is issued is valid for a period of 3 years provided the company clears the Surveillance Audit which is conducted by the certification body once in every year.

No, Apart from Service Tax applicable no other charges are charged.

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